ADN Company Presentation SM PDF

adelaideresources.com.
au
Investor Presentation
October 2016
Drill – Discover – Develop

adelaideresources.com.au
Company snapshot
• Principal commodity focus is gold ASX ticker ADN

with two significant projects Ordinary shares on issue 405.7m
• Complementary advanced copper and Share price (at 30‐Sept‐16) A$0.019
early stage lithium tenements 12 month trading band A$0.006 to A$0.028
1 month vwap A$0.016
• Recognised discovery track record
Market capitalisation A$7.7m
• Experienced board and management with Cash (at 30‐Sept‐16) A$0.68m
technical and financial skills
Enterprise value A$7.0m
― Colin G Jackson (Non‐Executive Chairman) Shareholders 2,400
― Chris Drown (Managing Director)
3.0
― Nick Harding (Executive Director)
Adelaide Resources shareprice (cents)
― Jonathan Buckley (Non‐Executive Director)
― Mark Manly (Exploration Manager)
2.0
1.0
0.0
1‐Oct‐15 1‐Jan‐16 1‐Apr‐16 1‐Jul‐16 1‐Oct‐16
Drill – Discover – Develop 2

Asset portfolio
Focused suite of Australian prospects
Gold
• Eyre Peninsula (SA) – large land
position, maiden Mineral
Resource and multiple prospects
• Drummond (QLD) – drill ready
epithermal gold targets in high
grade district
Copper
• Moonta (SA) – highly prospective
historical IOCG mining district
• Rover (NT) – strategic position in
high grade copper‐gold camp
Lithium
• Coolgardie (WA) and Davenport
Ranges (NT) ‐ conceptual hard
rock targets
• Salt Lakes (SA) – investigating
lithium brine potential

Value Proposition
• Clear gold focus ‐ commodity with strong investor interest
• Advanced gold project in SA ‐ recent 107,000 ounce maiden Mineral
Resource estimate at Barns deposit with resource growth achievable
• Drilling imminent – commencing early Oct16 at nearby Baggy Green target
can materially build on Barns resource and deliver near term news flow
• High grade epithermal gold project in QLD ‐ Four drill‐ready targets in high
grade Drummond Basin where success likely to trigger significant re‐rating
• Peer group comparison ‐ suggests ADN is significantly undervalued and
presents a low cost entry to sound gold plays

Drummond epithermal gold
Classic epithermal gold targets
• 100% owned, 833 km2 project
• Targeting high grade gold hosted
by epithermal quartz veins
(eg Pajingo, Yandan and Wirralie)
• Granted tenements (black borders)
secure the emerging “Glenroy Field”,
similar to the >3Moz Pajingo Field
located to the west
• 2016 applications (blue borders) secure
gold prospective Drummond Basin and
Anakie Inlier geology – (northern
tenement has just been granted).
• Historical epithermal style gold
prospects confirm presence of
mineralisation in all areas

What is an epithermal gold system?
• Form during periods of active
volcanism associated with subduction
of tectonic plates
• Gold deposited in quartz veins at
relatively shallow depths below the
surface
• Fluids vent on surface as hot springs Active epithermal
and geysers, depositing sinter terraces system Rotorua, NZ
• Bonanza gold grades (Pajingo resource
in 2000 was ~4MT at 15g/t gold)
• Epithermals can be very large deposits
‐ Pajingo >3Moz gold
‐ Fruta del Norte (Ecuador) >13Moz gold
Epithermal geological processes
were occurring in the Drummond
Basin in the early Carboniferous
(350 million years ago)

General model of an epithermal gold system
Arsenic
Zone
Gold Zone
(At depth
below
arsenic zone)
(After Buchanan (1981), Morrison et al. (1990) and Corbett & Leach (1997)).

Glenroy Field
• Drummond Basin Cycle 1
geology – main epithermal
gold host in region
• Numerous sizable gold‐bearing
epithermal systems outcrop
at surface in the Glenroy Field
• Level of systems exposed
at today’s land surface range
from palaeosurface (sinters),
through upper chalcedonic
(arsenic) zone and occasionally
into crustiform‐colloform
(gold) zone
• High grade surface rock chips
to maximum of 55.4g/t gold
confirm bonanza grades
are present
• Extensive pathfinder metal
anomalism

Bunyip drill target
• Prospect discovered in late 2015
• Surface rock chips to 19.65g/t gold
• Over 2,000 metres of quartz veins
exposed at surface
• Strong associated arsenic and
molybdenum pathfinder metal
anomalism
• Nearby outcrop of palaeo‐surface
sinters confirm upper levels of
epithermal system exposed at
current land surface (Arsenic zone
exposed at surface – gold zone
preserved at depth)
• This target has never been drilled ‐
all required approvals are in place
to drill test

Additional drill targets delineated in early 2016
• Poppi’s Prospect – surface rock
chips include 6.04g/t, 4.06g/t,
3.54g/t and 2.70g/t gold. Silver
to 22.7g/t present. (Gold zone
exposed at surface)
• Roo Tail – rock chips include
2.19g/t and 1.09g/t gold.
Arsenic to 120ppm
(Transitional arsenic to gold
zone erosional level – gold zone
preserved at depth)
• East Central Limey Dam ‐
numerous anomalous rock
chips to 1.27g/t gold. Arsenic
to 721ppm. Chalcedonic veins
predominate. (Arsenic zone
exposed at surface – gold zone
preserved at depth)
• Poppi’s, Roo Tail and East
Central Limey Dam can be
drilled during Bunyip testing

Drummond summary
• Land holding 100% owned and significantly expanded in 2016
• Granted tenements secure the Glenroy epithermal field – multiple epithermal
systems identified
• The Glenroy systems are generally not deeply eroded ‐ target gold zones likely to be
preserved at depth
• Discovery of a deposit like Pajingo, Yandan and Wirralie would be transformative
• We now want to drill test Bunyip, Poppi’s, Roo Tail and East Central Limey Dam –
all required heritage clearances, approvals etc are in place
• Low cost surface work planned on new ground to feed target pipeline

Eyre Peninsula gold
Large project in Central Gawler Gold Province
• Substantial 2,807km2 project
• Barns Camp gold deposits (Barns, Baggy
Green, White Tank) all 100% owned
• Deposits found in early 2000’s when gold
was ~A$550/ounce. Increase to price of
around A$1,700/ounce has changed the
economics very favourably
• Maiden 107,000 ounce Mineral Resource
recently announced for Barns.
• RC drilling imminent at nearby
Baggy Green ($200,000 PACE grant)
• Thurlga JV with Investigator Resources
– 333km2 tenement adjacent
to Paris silver deposit
– $90,000 PACE drilling grant to test six targets

Barns – interpreted deposit model
Detailed deposit modelling completed in Q1 2016
• The model confirms the presence of two flat lying supergene gold zones, below which
lie up to ten stacked west dipping primary lodes
Barns mineralisation model looking NE. Intersecting drill holes shown as pins.

Barns gold deposit – maiden Mineral Resource estimate
107,000 ounce maiden
Mineral Resource
announced July 2016
• Mining Plus Pty Ltd and
Adelaide Resources Ltd
jointly responsible for
resource estimate
(1) Full JORC 2012 compliance information was disclosed upon release of the Mineral Resource estimate.
See ADN’s ASX release dated 19 July 2016.
Barns – comparison with other SA gold projects
Portia(1) Tarcoola(2) Barns(3)

Company Havilah Resources (HAV) WPG Resources (WPG) Adelaide Resources (ADN)
Resource 720Kt @ 2.9g/t Au 973Kt @ 3.12g/t Au 2,100Kt @ 1.60g/t Au
Resource Ounces 67,000 97,500 107,000
Reserve 360Kt @ 4.7g/t Au 710Kt @ 3.1g/t Au ?
Reserve Ounces 53,600 71,000 ?
Depth of barren cover 75 metres 17 metres? 27 metres
Nature of cover Unconsolidated seds? saprolitic clay saprolitic clay
Nature of gold very coarse (nuggets) fine grained (native)? fine grained (native)
Recovery method high efficiency gravity CIP (Challenger Mill) ?
Est. gold recovery 95% 95% ?
Economics   ?
Market Capitalisation(4) $124.7M $59.0M(5) $7.7M
Information sources and notes
(1) see Havilah Resources Limited (ASX:HAV) release dated 20 November 2015 titled "A new mining force in South Australia.“
(2) see WPG Resources Ltd (ASX:WPG) release dated 1 September 2016 titled "Tarcoola gold project – Updated Feasibility Study and Revised Ore Reserve Estimate.“
(3) see Adelaide Resources Limited release dated 19 July 2016 titled "Maiden 107,000 ounce gold resource estimated for Barns deposit..“
(4) Calculated as at 30 September 2016 – ignores listed and unlisted options
(5) Note that WPG’s market capitalisation also incorporates value for the Challenger Operation

Barns gold deposit summary
Current status
• Discovery and early delineation when gold around A$550/oz
• Increase in gold price to >A$1,700/oz dramatically improves economics
• 107,000 ounce maiden Mineral Resource recently estimated
• Comparable gold ounce resource position to much higher valued SA peers
Future work
• Metallurgical testwork to establish recoveries and inform flow sheet design
• Iterative economic scoping/feasibility studies
• Infill drilling to convert Inferred Resources to Indicated Resources
• Exploration to extend deposit down‐dip and to south

Barns – part of a larger gold camp
Additional gold resources near Barns would improve project robustness
• Past drilling has discovered other prospects that can build local resource base
• RC drilling at Baggy Green commencing early Oct16 ($200,000 PACE grant awarded)

Baggy Green prospect history
• Originally indicated as 3km long
gold anomaly in regional calcrete
geochemical survey
• Systematic aircore drilling defined
coherent zones of gold
mineralisation in saprolite
beneath shallow cover sediments
• Potentially economic grade and
width intersections recorded
in 2004 RC drill holes when
project in JV with Newmont
• Newmont’s withdrawal in early
2005, coupled with lacklustre gold
price saw 10‐year hiatus in activity

Baggy Green – cross section through southern target zone
Principal mineralised shear structure is well defined
• Average true width of primary zone is 27 metres
• Gentle dip – 450m west of eastern limit, the mineralised zone is still <200m below surface
• Indications that higher grade gold shoots are present within plane of structure

Baggy Green and Tropicana (>6Moz resource) at same scale ‐ plan
Tropicana‐Havana prospect plan
Baggy Green Plan projection showing g/t Au x
thickness (m) contours.
Source: Independence Group NL
(IGO) ASX release dated 23 Jan
2009.
2.6km Narrow high
grade shoots
contain most
of the gold
500m
RAB drillhole
RC drillhole

Baggy Green and Tropicana at same scale – cross section
Discovery section of Boston Shaker zone
at Tropicana very similar to Baggy Green South
• Both have gold in shear zones with
gentle dips (~25°)
• Similar depths of weathering
• Gold with pyrite and minor chalcopyrite
• Gneiss host with sericite‐biotite alteration
• Comparable gold grades
in early drilling
Boston Shaker Baggy Green
4m @ 1.4g/t Au 10m @ 1.3g/t Au
3m @ 4.2g/t Au 15m @ 1.0g/t Au
14m @ 3.5g/t Au 11m @ 3.6g/t Au
7m @ 2.1g/t Au 13m @ 1.5g/t Au
16m @ 1.7g/t Au 14m @ 1.9g/t Au
Source: Independence Group NL (IGO) ASX release dated
17 March 2010 , titled “Tropicana JV ‐ New Gold Discovery ‐
Boston Shaker Prospect”.

Baggy Green current RC drill programme
RC drilling commencing
early Oct16
• Goal is to test local targets North target
that can materially build on
established 107,000 ounce
Barns Mineral Resource
• Drilling to be completed at
both southern and northern
targets at Baggy Green
• These targets have already
recorded good gold
intersections in past RC
holes and are so are highly
rated opportunities
South target

Baggy Green South – plan projection of initial target
Sizable 600m x
250m initial target
zone defined where
mineralised
structure will be
within 100m of the
surface
• This is a ~7 million
tonne volume where
gold potential is high
• If 1/3 of this volume
is mineralised at
Barns resource grade
it could double the
local resource base
This target alone
could materially
build the local
resource position

Baggy Green South – potential for much bigger target
Baggy Green Plan
Initial shallow target zone is part
of larger potential target.
• The southern zone is interpreted to
have a strike of 2000 metres and
remains open to the SW
• Assuming consistent dip and width,
to 200 metres below surface the 500m
volume where gold potential is high
is ~50 million tonnes
If even a modest portion of this
prospective volume is mineralised
at economic grade, the deposit
could be of significant size.
Initial shallow
Larger target zone
target zone

Baggy Green North – 2nd opportunity 1.9km north of south zone
• Currently defined by only a single traverse of RC holes
• Broad widths of mineralisation indicated, including some good grade sub‐intervals
• Drilling in current programme designed to confirm strike and dip of mineralisation

Eyre Peninsula Gold summary
• JORC Code 2012 compliant maiden Mineral Resource for Barns totals 2.11
million tonnes at 1.6g/t gold for 107,000 ounces at a 0.5g/t cut‐off
• Next steps at Barns include metallurgical testing to establish gold recovery and
economic scoping studies
• Barns and neighbouring gold prospects can grow local resource base
• Baggy Green targets have delivered good grade historical drill hits and are
interpreted to have good size potential
• Current drill programme leveraging $200K PACE grant and delivering news flow
• Valuation comparison with peers suggests significant upside possible as we
progress this project

Forward programme* and share price catalysts
Eyre Peninsula Gold
• RC drilling at Baggy Green (current programme)
• RC drilling at Barns West, Barns South, White Tank and Empire targets
• RC drilling at Barns to extend resource and infill drill to allow resource re‐classification
• Maiden Baggy Green resource estimation and revision of Barns resource
• Diamond coring at Barns/Baggy Green to deliver metallurgical testwork samples
• Metallurgical testwork for Barns/Baggy Green
Drummond Epithermal Gold
• RC drilling at Bunyip, Poppies, Roo Tail and East Limey targets
• Follow‐up diamond drilling (contingent on success of RC)
• Target generative surface exploration on newly granted Drummond tenements
Copper and Lithium Projects
• Resource estimation for Alford West deposit – Moonta copper project
• Reconnaissance surface work to confirm prospectivity of lithium ground
* Components in bold are committed with other elements subject to funding

Competent Person statements
Competent Person statements
General Exploration: The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Chris Drown, a Competent Person, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Drown
is employed by Drown Geological Services Pty Ltd and consults to the Company on a full time basis, acting as the Company’s Managing Director. Mr Drown
has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Mr Drown consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Barns Exploration: The information in this release that relates to sampling techniques and data, exploration results, geological interpretation and
Exploration Targets has been compiled by Mr. David Adams BSc (Hons), MAusIMM, an employee of the Company. Mr. Adams is a Member of the
Australian Institute of Mining and Metallurgy and he has sufficient experience with the style of mineralisation and types of deposits under consideration,
and to the activities undertaken, to qualify as a competent person as defined in the 2012 Edition of the "Australian Code for the Reporting of Exploration
Results, Mineral Resources and Ore Reserves (The JORC Code) for reporting the exploration results. Mr. Adams consents to the inclusion in this report of
the contained technical information in the form and context in which it appears.
Barns Resource Estimation: The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Mr.
Richard Buerger BSc. Mr. Buerger is a full‐time employee of Mining Plus Pty Ltd and has acted as an independent consultant on the Barns Deposit Mineral
Resource estimation. Mr. Buerger is a Member of the Australian Institute of Geoscientists and has sufficient experience with the style of mineralisation,
deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr. Buerger consents to the inclusion in this report of the
contained technical information relating the Mineral Resource Estimation in the form and context in which it appears.
Barns Resource Cautionary statement
Readers should use caution when reviewing the exploration and historical production results presented and ensure that the Modifying Factors described in
the 2012 edition of the JORC Code are considered before making an investment decision.

JORC 2012 and Cautionary statement
JORC Code 2012 statements
The information relating to Adelaide Resources’ exploration to 30 November 2013 and its assessment of exploration completed by past explorers was
prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the
information has not materially changed since it was last reported.
The information relating to Adelaide Resources’ exploration since 1 December 2013 has been reported in compliance with the JORC Code 2012. See ADN’s
ASX releases dated 14 May 2015 titled “Diamond drilling commences at Barns and Baggy Green gold prospects”; dated 24 July 2015 titled
“16 metres at 3g/t gold in Eyre Peninsula drilling results”; dated 13 October 2015 titled “High grade gold improves Bunyip target credentials”; dated
16 October 2015 titled “Higher grade gold zones highlight Eyre Peninsula potential”; dated 23 October 2015 titled “Broad intervals of gold and silver
mineralisation in the latest South West Limey Dam results”; dated 23 February 2016 titled “Drummond epithermal gold holdings triple with new tenement
applications”; dated 9 May 2016 titled “Positive gold surface sampling results deliver further drill targets at Drummond”; dated 10 June 2016 titled
“Studies demonstrate work to advance the Barns gold prospect is warranted”; dated 10 June 2016 titled “Studies demonstrate work to advance the Barns
gold prospect is warranted”; dated 19 July 2016 titled “Maiden 107,000 ounce gold resource estimated for Barns deposit.”; and dated 21 September 2016
titled “Drilling at Baggy Green gold prospect to build on Barns Mineral Resource inventory.”.
Caution Regarding Forward Looking Information
This document contains forward looking statements concerning Adelaide Resources Limited. Forward‐ looking statements are not statements of
historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of
risks, uncertainties and other factors. Forward‐looking statements are inherently subject to business, economic, competitive, political and social
uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any
forward‐ looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to
additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions,
including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Adelaide
Resources beliefs, opinions and estimates of Adelaide Resources as of the dates the forward looking statements are made, and no obligation is
assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development.

Contact: Chris Drown 0427 770 653
Drill – Discover – Develop

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adelaideresources.com.

Drill – Discover – Develop

• Principal commodity focus is gold ASX ticker ADN

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Portia(1) Tarcoola(2) Barns(3)

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